Finance and Financial Management Commons^™

Reanalyzing The Political Stability Of Britain's Democratization, Nathan R. Burton

All Graduate Plan B and other Reports, Spring 1920 to Spring 2023

A recent article in Journal of Economic History by Dasgupta and Ziblatt uses bond yields to analyze the political risk of the 19th century democratization legislation of Britain known as the Reform Acts. Dasgupta and Ziblatt find that the volatility of yields is relatively high during periods of legislation, and model the yields via GAM method, concluding that the political risk associated with the Reform Acts was high. I reproduce the study and comparing those times of 'high' volatility to all periods and find nothing to compare high-volatility periods to, suggesting that it is inconclusive whether the Reform Acts were …

Single Stock Futures And Stock Options: Complement Or Substitutes, Cuyler Strong

All Graduate Plan B and other Reports, Spring 1920 to Spring 2023

Are single stock futures and stock options complement or substitute goods? In this study, I test this research question by examining option trading activity (option volume and open interest) surrounding an arguably exogenous introduction of single stock futures. This event study provides a natural experiment that allows us to make causal inferences about how the presence of single stock futures affects the options market. While it is commonly thought that single stock futures and options are substitute goods, my evidence instead suggests that they are complements. While I observe very little change in option volume surrounding the introduction of single …

Pre-Holiday Anomaly: Examining The Pre-Holiday Effect Around Martin Luther King Jr. Day, Scott E. Jones

All Graduate Plan B and other Reports, Spring 1920 to Spring 2023

This paper looks at the 17 years leading up to Martin Luther King Jr. day becoming a non-traded holiday and the 17 years since to see if this exogenous shock to the market resulted in abnormal rates of return on the day before the holiday (known as the pre-holiday effect). I also look to see if evidence of abnormal returns still exists before Christmas and July 4^th during the same time period. I used daily data on the equally-weighted universe of stocks, the value-weighted universe of stocks, and the S&P 500. I find that while there is some evidence …

Object-Oriented Programming: A Method For Pricing Options, Leonard Stewart Higham

All Graduate Plan B and other Reports, Spring 1920 to Spring 2023

In the world of finance, it’s becoming necessary to obtain computer programming knowledge and experience, a marketable skill that prepares one conduct quantitative analysis. The objective of this thesis is to utilize concepts in finance and computer science together to form a pricing library for financial derivatives, thus, develop a strong skillset in a specific area of financial computational methods. Through implementation of object-oriented programming and specific design patterns in Python, I develop a pricing engine for many types of options, from plain vanilla to unique and complex options, with the focus on the ability to reuse and extend various …

How Do Choice Of Major And Industrial Structure Influence College Graduates' Unemployment Rate In China, Xiuwen Shi

All Graduate Plan B and other Reports, Spring 1920 to Spring 2023

Recently, the higher education market is developing very fast, and China’s universities and colleges are increasing their enrollment. More and more college graduates with higher education backgrounds enter the labor market and the college graduates have to face higher unemployment pressure when they find jobs. For the college graduates’ unemployment problem, many literatures and research are focusing on over-enrollment problem, the influence of the major differences, and the influence of the industrial structure development.

This thesis examines the consequence of the over-enrollment problem with a group of data set and linear regressive analysis model. The finding indicates that there is …

Inverse Etfs And Market Quality, Darren J. Woodward

All Graduate Plan B and other Reports, Spring 1920 to Spring 2023

Is financial innovation good or bad? Finance research analyzes data in an attempt to answer this and many other questions. This paper seeks to determine at least a partial answer to this question for one particular financial innovation, the inverse ETF. We look at how the introduction of the first inverse ETF affects the market quality of the component stocks. We find that volatility and illiquidity of the component stocks decreases relative to the rest of the market, on average, after the introduction of the first inverse ETF. We also find that short selling increases in the component stocks relative …

Human Capital, Capital Structure, And Employee Pay: An Empirical Analysis A Replicated Confirmation, Yiling Ke

All Graduate Plan B and other Reports, Spring 1920 to Spring 2023

This paper replicates the paper named Human capital, capital structure, and employee pay: An empirical analysis written by Thomas J. Chemmanur, Yingmei Cheng, and Tianming Zhang in 2013. In this paper, I examine the effect of market leverage on labor expenses to prove the predictions of Titman (1984) and Berk, Stanton, and Zechner (2010). Through the OLS regression analysis, I find that market leverage has a significantly positive effect on total, cash, equity-based compensation of chief executive officers (CEOs). So an increase market leverage will always lead to an incremental labor cost, and in fact labor costs will limit the …

The Affordable Care Act: Five Years Later, Andrew Dana Izatt

Undergraduate Honors Capstone Projects

The challenges facing the American health care system are well known and manifold. The United States pays substantially more for its health care than any other developed, industrialized nation. Per capita health care spending in 2012 was $8,745, up from $356 in 1970 without marked improvements in life expectancy, quality of life, or outcomes. But despite all of our health spending, large portions of our population go without health insurance. Being uninsured carries real consequences. A report published in the American Journal of Public Health, by researchers at Harvard Medical School, using statistics from the Centers for Disease Control and …

An Exercise In Bayesian Econometric Analysis Probit And Linear Probability Models, Brooke Jeneane Siler

All Graduate Plan B and other Reports, Spring 1920 to Spring 2023

The aim of this paper is to carry out a Bayesian econometric application. Using a dataset obtained from Wooldridge's Introductory Econometrics textbook, each step in conducting a Bayesian econometric analysis is performed and explained. For illus- trative and comparative purposes, two limited dependent variable regression forms were used: a linear probability model and a probit model. This paper covers the ben- ets of Bayesian methodology, including selection of distributions for the prior and the likelihood. Additionally, a series of diagnostic checks are done after the models are computed.

Bayesian Inference: Probit And Linear Probability Models, Nate Rex Reasch

All Graduate Plan B and other Reports, Spring 1920 to Spring 2023

The following paper analyzes the benets of Bayes' theorem in applied econo- metrics. This is accomplished by demonstrating each step in conducting Bayesian inference. This includes the prior selection, the likelihood function, posterior simula- tion, and model diagnostics. To provide a concrete example I replicate, by Bayesian inference, the main model of Blau, Brough, and Thomas.(2013) This model is found in their research paper titled, Corporate lobbying, Political Connections, and the Bailout of Banks. The analysis focuses on two dierent forms of limited dependent variable regressions, the probit and linear probability model. The benets of Bayesian econo- metrics were extensive …

Improving Financial And Personnel Management At Petsfirst! Wellness Center, Andrew Arveseth

Undergraduate Honors Capstone Projects

A part of my coursework in the Jon M. Huntsman School of Business, I was able to participate in a management internship at PetsFirst! Wellness Center. This internship provided me with the opportunity to really evaluate and understand multiple elements of a management position. I specifically focused on client incentives, cost management, and human resources during the course of my internship project at this veterinary clinic. My responsibilities in each of these business functions helped me develop the skills necessary to effectively hold a management position after graduation.

Crony Chronicles Website Redesign, Lindsey Marie Mcbride

Undergraduate Honors Capstone Projects

The policy team at the Charles Koch Institute is broken into different areas of research. During my summer internship, I was assigned to research crony capitalism with four other members of the policy team. Along with their research on crony capitalism, these team members maintained a website called cronychronicles.org. For a definition of crony capitalism, or cronyism, see Appendix C. The goal of the website was to be "the leading online resource for everything related to cronyism" (About Us). I was very interested in the research I was conducting on crony capitalism, and enjoyed contributing information to the Crony Chronicles …

A Management Buyout In The Lower Middle Market, James Kenneth Allred

Undergraduate Honors Capstone Projects

ABC Inc., "ABC" or "The Company", is a leading manufacturer of precision rotary valves, feeders, screw conveyors, and components found in industrial material handling systems. Due to their proprietary products, exceptional durability, and custom design and manufacturing processes, ABC has developed a reputation as a premium manufacturer and supplier of choice across various industries. ABC initially targeted the wood products industry, and pulp and paper remains its largest industry segment today, but The Company has since expanded its services to mining, cement, chemical companies as well as coal and biomass burning plants. In addition to its proprietary products, ABC provides …

Indication With Further Analysis Of Mispricing And Barriers In Arbitrage In Chinese Option Market A Five-Month Study On Sample Option, Hao Feng

All Graduate Plan B and other Reports, Spring 1920 to Spring 2023

This thesis presents indication of mispricing of options in the Chinese option market, focusing on the very first and the most representative option in the Chinese option market. I used the Black-Scholes model to calculate the option price and compare the result to its real performance. The mispricing of sample option is statistically significant. With further analysis, I found out that underlying asset price and its volatility are the possible factors that most likely lead to mispricing. Because of the consistent mispricing, I investigated the industrial regulations from the China Securities Regulatory Commission (CSRC) and found proof with examples that …

Empirical Properties Of Functional Regression Models And Application To High-Frequency Financial Data, Xi Zhang

All Graduate Theses and Dissertations, Spring 1920 to Summer 2023

Functional data analysis (FDA) has grown into a substantial field of statistical research, with new methodology, numerous useful applications and interesting novel theoretical developments. My dissertation focuses on the empirical properties of functional regression models and their application to financial data. We start from testing the empirical properties of forecasts with the functional autoregressive models based on simulated and real data. We define intraday returns and consider their prediction from such returns on a market index. This is an extension to intraday data of the Capital Asset Pricing model. Finally we investigate multifactor functional models and assess their suitability for …

Value At Risk In Dominican Banking: Evaluating The Regulatory Method, Jonathan Medina

All Graduate Plan B and other Reports, Spring 1920 to Spring 2023

Financial institutions in the Dominican Republic, since 2004, have used the regulatory Value at Risk to measure market risk. This method is subject to criticism. The purpose of this study is to compare the regulatory VaR method against the Historic Simulation, Generalized Autoregressive Conditional Heteroskedasticity, and Monte Carlo approaches. The latter is more conservative and its assumptions are more realistic.

The Effect Of Kurtosis On The Cross-Section Of Stock Returns, Abdullah Al Masud

All Graduate Plan B and other Reports, Spring 1920 to Spring 2023

In this study, I show an effect of the statistical fourth moment on stock returns. In the mean-variance framework, rational investors follow two strategies: optimize the mean{variance of return and diversify the portfolio. Regarding the first approach, investors intend to generate the maximum level of return while facing a constant level of risk (or, the standard deviation) of return. It is possible that firm specific risk can be concentrated in the portfolio. However, diversification of the assets can eliminate that (idiosyncratic) risk from the portfolio. After a long period of time, in a diversified portfolio the shape of the return …

Knowledge, Norms And Preferences For Tamarisk Management In The Green And Colorado River Corridors Of The Colorado Plateau, E. Clay Allred

All Graduate Theses and Dissertations, Spring 1920 to Summer 2023

This research was created collaboratively between the National Park Service and Utah State University as an explorative study addressing social implications of tamarisk management. It has created a stronger partnership between the university and the National Park Service in Moab, Utah. Through this research, Utah State University was able to find valuable social science data to aid public land managers in the planning and management of tamarisk control on the Colorado Plateau. Utah State funded a research assistant for one year to perform this research, totaling approximately $16,000.

This study focused on finding river user knowledge, preferences, and norms for …

Refund Anticipation Loan, Ann House

All Current Publications

This fact sheet defines a refund anticipation loan and gives the benefits to considering other options.

Spring Clean Your Financial House, Ann House

All Current Publications

This publication suggests 5 simple steps to reviewing and improving your financial status.

An Analysis Of Reverse Mortgage Clients At The Utah State University Family Life Center Housing And Financial Counseling Services, Cindy R. Stokes

All Graduate Theses and Dissertations, Spring 1920 to Summer 2023

The purposes of this study were to describe and categorize the types of clients seeking reverse mortgage counseling, and to document the growth in demand for reverse mortgage counseling from one counseling center: The USU Family Life Center - Housing and Financial Counseling Services (FLC HFC). A second purpose was to gain a better understanding of the reasons why more senior Americans are seeking reverse mortgages. A third purpose was to gain a better understanding of the retirement preparedness of current seniors seeking reverse mortgages, which could lead to improved counseling services, early retirement intervention awareness, and encourage increased pre-retirement …

Attitudes Toward Immediate Annuities, Devon K. Robb

All Graduate Theses and Dissertations, Spring 1920 to Summer 2023

Retirement security for Americans is one of the most critical public policy and personal financial issues and will be for decades in the future. Individuals that retire today can live an additional 30 or even 40 years with less secure income as corporations shift to defined contribution plans to fund retirement. Based on the life cycle savings hypothesis, immediate annuities should be appealing to retirees because they insure against the risks of outliving retirement assets by converting funds into a lifelong stream of income. However, research has found that retirees are reluctant to annuitize their wealth. This study examined the …

How Advertisers Mess With Our Minds And Wallets, Ann House

All Current Publications

This publication provides insight on how marketers gain consumers' interest and trust and what rights consumers are entitled to.

The Temple Recommend: A Solution To The Free-Rider Problem, Austin Bowles

Undergraduate Honors Capstone Projects

Temple worship and geographical boundaries are unique features of the Church of Jesus Christ of Latter-day Saints (LDS Church). Our research uses economic theory to understand how the organizational benefits of the temple recommend system and the geographical ward boundaries may solve the market failures associated with religious organizations. These features of the LDS Church will be used to create a framework for understanding how the church limits free-riding and sub-optimal participation, which would result in increased efficiency and production of large religious benefits. Because the market failures faced by the church are the same as those faced by other …

Financial Management Practices And Conflict Management Styles Of Couples In Great Marriages, Amanda Marie Horrocks

All Graduate Theses and Dissertations, Spring 1920 to Summer 2023

This study presents findings on the financial management practices and degrees of conflict of couples in great marriages. Qualitative data from a national sample of couples in great marriages were collected using a 31-page questionnaire. Of the 81 couples who responded, 40 fit the criteria for this study in that they discussed their level of agreement about financial issues in marriage. Their responses were coded to discover which financial topics are pervasive and whether or not couples agreed over these topics. Responses about conflict were also analyzed to determine the degree of agreement between spouses in different categories. Findings from …

Wise Charitable Giving, Ann House, Janet Andersen

All Current Publications

This publication provides ten tips to smart, charitable giving.

Charity Fraud, Ann House

All Current Publications

This publication provides tips on how to protect yourself from scams and fraud.

Credit Scores - More Important Now Than Ever, M. J. Bouck, Ann House, Al Bingham

All Current Publications

This publication puts an emphasis on the importance of credit scores.

Socio-Demographic And Financial Predictors Of Discharged Chapter 12 Bankruptcies For Utah, Idaho, And Wyoming, Jessica Johnson

All Graduate Theses and Dissertations, Spring 1920 to Summer 2023

The purpose of this study was to examine the socio-demographic and financial characteristics that were associated with the likelihood of a discharge among Chapter 12 bankruptcy filers in Utah, Idaho, and Wyoming. Previous bankruptcy studies conducted in Utah have looked at the same associations in Chapter 7 and Chapter 13. This study contains individual filer-level data from 158 Chapter 12 bankruptcy cases filed in Utah, Idaho, and Wyoming between 1997 and 2005. These cases were accessed through the Web-PACER system, a database of imaged court documents filed in district bankruptcy courts. Free access to this system was given by the …

Three Essays On Stock Market Volatility, Qianru Li

All Graduate Theses and Dissertations, Spring 1920 to Summer 2023

Volatility is inherently unobservable, and thus the selection of models and their definition is crucial in financial research. This dissertation attempts to check the role of investor sentiment and forecast Value-at-Risk (VaR) of the stock market using both parametric and nonparametric approaches. In the first essay, based on daily return data of three stock indices and four individual stocks from January 1988 to December 2006, the role of day-of-the-week, as well as investor sentiment, is examined using two approaches: linear regression to test investor sentiment effect on stock returns and Logit regression to test the investor sentiment effect on market …